What is Authorised Push Payment (APP) fraud?

This scam involves the fraudster tricking their victims into willingly making large bank transfers to them.

For example, they may pose as someone from your bank, or another trusted organisation, claim you have been a victim of fraud and say you need to move your money to a different bank account. Often there is a demand for you to act quickly.

Other common scenarios involve a criminal impersonating a conveyancer and stealing money for a house deposit, or pretending to be your builder to steal money saved to pay for renovations.

The following statement and figures are taken from Experian web page:

Authorised push payment (APP) fraud is one of the fastest growing types of scams around. It’s claimed more than £145 million was lost in the first half of this year, which is 44% higher than in the same period of last year.1

Financial providers were able to return just £30.9 million of the losses – and now steps are being taken to better protect individuals.

As of the 7th October 2024 the way APP reimbursement has changed, please follow this Link which will take you the Take Five web site which explains the process.